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Elder Care Planning

The attorneys of Nelson & Nelson, P.A., a U.S. News and Best Lawyers® "Best Law Firms" Florida estate planning law firm, provides a full range of elder care planning services including guardianships and special needs planning.

What is Elder Care Planning?

Elder care planning is essentially a comprehensive strategy that helps define a senior’s wishes and assists designated caregivers and/or advocates in handling the physical, personal and financial affairs of a senior aging into the last phases of life. Long-term care (LTC) is just one, very important segment of total elder care planning.

Elder Care Planning Services

Florida has become a state where older residents who have accumulated significant wealth have become subject to end of life financial manipulation by those they trust, such as caregivers, “girlfriends,” “boyfriends,” family members, and spouses. Financial advisors need to address these issues with their clients to protect a client’s life savings from end of life manipulation. Our attorneys provide a number of asset protection planning services and alternatives to protect against financial elder abuse and exploitation.

Guardianships & Special Needs Planning

When a loved one is unable to care for themselves financially or physically due to age or disability, concerns over their future can be overwhelming. Our attorneys help to put you at ease by developing a comprehensive plan that will provide for your loved one's care throughout their lifetime and beyond yours.

What is Financial Elder Exploitation?

 

Financial elder exploitation is the crime of the 21st century especially as the baby boomers age. Financial elder exploitation occurs when an elder client is taken advantage of and transfers assets, often significant in value, to persons who were not previously the objects of the elder’s affection, and most typically to the detriment of the elder and family members, who were the intended beneficiaries.

Financial elder exploitation should be discussed along with estate planning and asset protection planning. Advisors and clients spend significant time planning for the peaceful passing of the client’s estate to intended beneficiaries, with minimum taxes. Planning can be the product of decades of documents and updates as life and family relations evolve. Most of the time married clients who have children want their estates to pass to their spouse and children. Divorce or death of a spouse can require reconsideration. Should a second or third spouse inherit any portion of the client’s estate in lieu of children? How should professionals respond when long-term clients request changes to provide for new spouses, caregivers, or significant others, especially when such additions appear disproportionate based upon the clients’ historical desires?

Our planning can be nullified by late in life changes. If our clients are requesting changes when they have limited capacity to evaluate whether persons are exerting pressure on them future litigation is likely. In the worst case situations, clients with long-term relationships with attorneys and other professionals are taken to other advisors by persons seeking to obtain benefits. Financial exploitation affects 1 in 10 people over age 60. However, only approximately 1 in 5 cases are reported to protective services. An InvestmentNews survey of 591 advisors found that 62% have seen or suspected financial abuse of an elderly client at least once. However, more than half of those who suspected such abuse – 56% – did not report it.

We consider elder care planning to be essential and our attorneys are available to counsel you in preparing for financial security in your later years.

Estate Planning and Asset Protection Book

For more information about Financial Elder Exploitation and elder care planning see

Chapter 15

in Asset Protection and Estate Planning in Florida: A Plan to Survive Unexpected Financial Threats by Barry A. Nelson.

 
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Estate Planning Questionnaire

In order to begin the estate planning process, we request that our clients submit our Estate Planning Questionnaire. This form will help us obtain information so we may prepare a customized plan that will provide maximum benefits for you and your family's needs. Click the button below to learn more about how to get the process started.

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North Miami Beach, Florida 33160

T 305.932.2000    F 305.932.6585

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